People who don’t have much money still need to buy the essentials somewhere. That place seems to be Wal-Mart (WMT) which still sells a lot of nifty stuff at low prices.
For the month of February, the huge retail chain’s revenue was up 8% at its core Wal-Mart US stores to over $20 billion. Sam’s Club revenue rose 3% to $3.5 billion.
The Achilles Heel at Wal-Mart continues to be its international operations which had a revenue drop of 11% to $6.5 billion. Currency exchange rates undermined the numbers from overseas. On a constant currency basis, revenue would have been up 8.8%. If the company could fix that problem it would be a growth stock again.
US comparable store sales were up 5.1%, which is nearly a miracle in this economic environment.
Douglas A. McIntyre
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